C:\ drive (or from whichever drive you configured Windows to run).
Tip: the two other most common largest single files on a main drive will be VHD virtual hard disk files for VirtualPC (like Windows XP Mode) and hiberfile.sys, used when your PC hibernates.
pagefile.sys is the size of RAM detected by the OS, by default.

Tip: the minimum size should be at least 5% of detected RAM (example: 400Mb for 8Gb of RAM).
